After the renaissance comes reaction for low-growth economies
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Issue 332
- 18 Oct 2016
| 2 minute read
Data and policy statements that emerged from the International Monetary Fund (IMF)/World Bank Group annual meetings underlined the impact of the commodities downcycle. The IMF’s World Economic Outlook (WEO) estimates average growth across sub-Saharan Africa has fallen to 1.6% in 2016, down from an already slowing 3% in 2015. Growth of 2.9% is forecast for 2017 – an improvement on this year’s 20-year low, but far from the levels predicted when the ‘African Renaissance’ narrative predominated. And the low-price cycle shows little sign of ending despite the recent moderate increase in crude oil and gas prices.
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